Archives for September 2012

People in the News – Sept. 24

Russ Johnson, 61, MP of Johnson and Associates of Sterling, Colo., passed away Sept. 11 after a battle with cancer. Johnson was honored by various local groups for his service to the community, including the Logan County Chamber of Commerce, which named him Citizen of the Year in 2010. Memorials be made to the Northeastern Junior College Foundation, 100 College Avenue, Sterling, CO 80751 to support the HOPE Scholarship program.

Robert Enright has been named the new COO for Pittsford, N.Y.-based The Bonadio Group (FY12 net revenue of $47.5 million). He previously served as the firm’s executive vice president and is the first non-CPA to serve in the role. Enright, who joined Bonadio in 2006, will be responsible for brand stewardship, strategic and market planning, competitive analyses, new product development and launch, website development advertising, public relations, and information technology management. “It’s necessary to have leaders in the firm who are not CPAs to support the evolving practice of the industry and offer a different viewpoint to help us better meet our clients’ needs,” MP Tom Bonadio said. “Bob’s knowledge of our industry combined with his experience in managing everything from HR to marketing makes him the ideal candidate for the job.”

Todd Workman, a partner since 2000, has been named MP of the Tyson’s Corner, Va., office of Sparks, Md.-based SC&H Group (FY11 net revenue of $49.6 million). Workman will be responsible for strategic growth in the region. He takes over from Chris Helmrath, OMP since 2010, who will focus on growth of SC&H’s Capital Practice.

Mountjoy Chilton Medley Merges with Indiana Firm

Louisville, Ky.-based Mountjoy Chilton Medley (FY11 net revenue of $30.2 million) and McCauley Nicolas of Jeffersonville, Ind., are combining on Oct. 1.

The move creates a large regional firm in the Kentucky/Indiana/Ohio tri-state area. Mike Mountjoy, co-MP, says the move will expand resources for existing and future clients, increase leadership opportunities for professionals in the firms and strengthen the firm’s position in the market.

The merger will also combine the two firms’ independent wealth-management operations – Capital Asset Management LLC and Meritrust Wealth Management LLC – to form a full-service registered investment advisor and financial services firm.

The combined firm, which includes 23 CPAs from McCauley Nicolas, will retain the Mountjoy Chilton Medley (MCM) name. This is the fourth merger for MCM in the past three years. MCM was created in 2009, when Chilton & Medley LLP merged with Mountjoy and Bressler LLP. MCM was listed as the 102nd ranked firm in this year’s IPA Top 200.

The Fastest-Growing IPA 200

The IPA 200 fastest-growing firms are expanding – both organically and through mergers – despite the economic environment. Whether they are rebuilding from an off year, or adding to impressive growth from years past, these firms have found a formula that works. We are happy to introduce many new firms to the list, and are hopeful to see them in the IPA 100 in the near future. These firms show great promise for the future. For the full list of IPA 200 firms, click here.

The Fastest-Growing IPA 200

1. Robert R. Redwitz & Co. / Irvine, Calif. ……..14.1%

1. Gettry Marcus Stern & Lehrer CPA / Woodbury, N.Y.  ……..14.1%

2. Gursey | Schneider LLP / Los Angeles ……..12.4%

3. Janover LLC / Garden City, N.Y. ……..12.2%

4. KatzAbosch / Timonium, Md………10.3%

5. Green Hasson Janks LLP / Los Angeles……..10.0%

6. WebsterRogers LLP / Florence, S.C.  ……..9.4%

7. Untracht Early LLC / Florham Park, N.J.  ……..9.3%

8. Sax Macy Fromm & Co. PC / Clifton, N.J………8.8%

8. NSBN LLP / Beverly Hills, Calif………8.8%

9. Bennett Thrasher PC / Atlanta ……..8.1%

9. Greer & Walker LLP / Charlotte, N.C. ……..8.1%

10. Wolf & Company LLP / Oakbrook Terrace, Ill. ……..8.0%

Moss Adams Plans Transition to New Leadership

Seattle-based Moss Adams (FY11 net revenue of $323 million) announced it will transition to new leadership in the first half of next year, with Chris Schmidt as chairman and CEO and Dick Fohn as president and COO.

Schmidt has been president and COO of Moss Adams since 2004 and has been a partner at the firm since 1991. Fohn has served as director of tax since November 2011. Prior to that, he was MP of the firm’s Bellingham, Wash., office. He was admitted to partner in 1992.

The current chair and CEO, Rick Anderson, will step down and focus on his work as chair of Praxity, an international alliance of independent accounting firms. Anderson, CEO since 2004, will remain a partner at the firm. Both Schmidt and Fohn were selected by the firm’s executive committee.

“Moss Adams has always emphasized developing top-quality talent and leadership, and I’m thrilled with the firm’s decision to name Chris and Dick to their new roles,” Anderson said. “They’re committed to growth with integrity and, with the expertise of our professionals, Moss Adams remains in a strong position for continued success.”

People in the News – Sept. 10

Alpharetta, Ga.-based Xcentric, a network technology firm focused on the accounting industry, has named Bob Cross its new director of technology. Cross has more than 15 years of senior leadership experience at Home Depot, Compaq Computers, Kaiser Permanente and other companies. Most recently, he ran IT governance, programs and planning for the Texas Department of Public Safety. “I look forward to leveraging my experience to improve the technology solutions and services we provide our clients and build a solid foundation for future growth,” Cross said.

Chicago-based Baker Tilly Virchow Krause (FY12 net revenue of $259 million) has named four new members to the firm’s Board of Partners: Mark Bakko, with the firm since 2001 and partner and regional tax leader since 2004; Christine Fenske, joined Baker Tilly in 2004 as a partner to lead the financial institutions practice; Thomas F. Walker Jr., joined the firm in 2007 and was recently selected to be MP for the firm’s offices in Illinois; and Alan Whitman, joined the firm in 2003 and is MP for the Detroit office. The Board of Partners is the governing body of the firm.

People in the News – Sept. 17

New York City-based EisnerAmper LLP (FY12 net revenue of $256.9 million) has announced that Michael Aversa has been appointed PIC of the private business services practice. Aversa, who joined the firm in 1992, has more than 30 years of experience in all aspects of audit, reviews, tax and business consulting. Prior to joining the firm, he spent nine years with an international accounting firm and served as vice president of finance in a privately held company. CEO Charly Weinstein said, “Mike’s bias is always toward ‘action today’ on behalf of his clients. The private business owners we serve deserve the kind of dedicated attention Mike and our Private Business Services Group are known for.”

Jay Wikum has been admitted as a partner at HMWC CPAs and Business Advisors of Tustin, Calif. He supervises HMWC CPAs & Business Advisors’ health care services department. In addition to his accounting firm experience, Wikum worked for 20 years in medical practice finance and administration with three medical groups.

Yeo & Yeo Acquires Detroit Metro Area Firm

Saginaw, Mich.-based Yeo & Yeo (FY11 net revenue of $27.3 million) has announced that effective Sept. 1, Hauswirth+Moncrief of Auburn Hills, Mich., will merge into Yeo & Yeo. Hauswirth+Moncrief will expand its tax, audit, business consulting and business valuation services, and its office will become Yeo & Yeo’s newest location.

Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the merger commented, “For Yeo & Yeo this is the first step of a major expansion into the Detroit market. Jeff Hauswirth and Tammy Moncrief wanted to join a larger firm with more depth and resources as well as a similar culture and felt Yeo & Yeo provided all of these things.”

Hauswirth says, “Tammy Moncrief and I are pleased that we will have access to the expertise of a leading firm, but maintain the ability to provide ‘hometown’ service like that of a regional Michigan firm.”

Yeo and Yeo President and CEO John M. Kunitzer stated, “This is a very exciting time for Yeo & Yeo. The merger allows us to have closer access to our current clients and gives the firm a distinct presence in Metro Detroit.”

An open house is planned to welcome the firm’s newest clients on Oct. 17 at 691 N. Squirrel Road, Suite 100, in Auburn Hills.

Two Ohio Firms Merge to Increase Affordable Housing Work

Fentress & Barnes of Columbus, Ohio, an accounting firm focused on the affordable housing industry, has joined Cincinnati-based Clark Schaefer Hackett (FY12 net revenue of $45.6 million), Housingfinance.com reported. The Fentress & Barnes team is integrating into CSH with a combined staff of 350.

Todd Fentress will become a shareholder in the firm and will chair the national affordable housing group at CSH. “F&B has been a committed player for many years, and with the resources of CSH behind us, we’ll build upon our foundation to become a national leader in the affordable housing industry,” he said in a statement.

Ed Walsh, CHS Columbus PIC, told Columbus Business First that merging with an established accounting firm with years of experience in the affordable housing area will benefit Clark Schaefer. “While we didn’t have that specialty out of the Columbus office, within our firm it is one of our primary industries,” he said. “We were looking for good talent that can serve us today and grow with us.”

AICPA Creates Commission to Increase Minorities in Industry

The AICPA has created a 15-member National Commission on Diversity to serve as champions of underrepresented minorities with the goal of increasing the number of minorities within the industry.

The commission, made up of representatives from minority professional advocacy groups, CPA firms, state societies and others, are planning to meet quarterly with the goal of helping the profession better reflect the clients and communities that CPAs serve.

AICPA research shows that diversity is improving but has a long way to go. According to the 2011 Trends in Supply of Accounting Graduates and Demand for Public Accounting Recruits, minorities amounted to 25% of the new accounting bachelor’s and master’s degree graduates hired by CPA firms in 2010, up from 17% in 2001. Even though the increase is positive, the survey showed that while minorities make up 20% of professional staff positions, only 6% of firm partners are ethnically diverse. Meanwhile, minority-owned businesses increased 45.5 percent from 2002 to 2007 from 4 million businesses to 5.8 million.

“We’ve formed the commission because to continue to move the needle, a lot of people will need to work together,” said Ken Bouyer, chairman of the commission and Americas director of inclusiveness recruiting at Ernst and Young. “This issue is critical and ultimately our results will impact the profession for years to come.”

The commission’s work involves investigating and understanding the barriers to the long-term success of minorities by analyzing recruitment and retention data within the accounting profession. The group will also look at review and analyze population trends. Learn more.

AICPA, XBRL Team Up to Create Certification

The AICPA is working with XBRL experts to develop a professional certification for company accountants, accountants who work with public companies and XBRL consultants who submit financial data to the SEC in the required XBRL format.

The planned 30-hour online course will cover everything from basics of XBRL and the U.S. GAAP taxonomy to details of footnote tagging. Course content has been developed by XBRL US, AICPA and the Financial Accounting Standards Board, the standard-setter for public companies. AICPA and XRBL US said their market research shows “a clear market demand” for online training, Compliance Week reported.

More than 8,800 U.S. public companies now provide XBRL-formatted financial statements to the SEC. In 2012, the smallest public companies began their first detailed tagging under the XBRL process.

“XBRL is now a standard part of every public company’s reporting process, and it’s critical that preparers have solid guidelines,” said Barry Melancon, AICPA president and CEO, in the joint statement.

Campbell Pryde, president of XBRL US, said in a statement that the certification program should help standardize how the GAAP taxonomy is being used. “The consistency in approach will help companies create better XBRL financials,” he said.